August Newsletter 2019

August Newsletter 2019

This months Client Alert edition considers a range of planning strategies and compliance matters for good tax health:

ATO will inform certain tax agent clients their information is “Tax ready” – Where employers report through STP and clients are linked to ATO online services through myGov, the ATO will inform via myGov that their end of year payment summary (income statement) is “Tax ready”.

Top mistakes to avoid this tax time – To help taxpayers work out what they can claim, the ATO has developed 30 occupation guides for specific occupations.

Pension deeming rates cut from 1 July 2019 – The Government has announced that it will lower the social security deeming rate for financial investments.

Personal tax cuts Bill passed without amendment, now law – Starting immediately, low- and middle-income earners with an income up to $126,000 will receive up to $1,080 in LMITO.

ATO statement on administration of the low- and middle-income tax offset – The amount of the offset taxpayers may be entitled to, and the amount of any refund, will differ for everyone depending on individual circumstances.

STP reporting irregularities – The ATO is contacting Single Touch Payroll enabled employers who have either ceased reporting for over 45 days or have submitted employees under multiple payroll or BMS IDs.

Employees guide for work expenses – The ATO has released a guide to help employees decide whether their work expenses are deductible, and what records they need to keep.

FBT, taxi travel and ride sourcing – For businesses, taxi travel by an employee is an exempt benefit if the travel is a single trip beginning or ending at the employee’s place of work.

New ATO data-matching program – The ATO said it will acquire overseas movement data from the Department of Home Affairs (DHA) for individuals with an existing HELP, VSL or TSL debt.

GST on low value goods – The ATO says it has now collected over $250 million in additional GST since the GST on low value goods measure began on 1 July 2018.

Super downsizer contributions reach $1 billion – Older Australians downsizing from their family homes have contributed $1 billion to their superannuation funds.

Reasonable travel and overtime meal allowance amounts for 2019-20 – the Commissioner has released the amounts considered reasonable for employee claims for overtime meal expenses, domestic travel expenses and overseas travel expenses.

Please contact us if you wish to discuss how the points raised in Client Alert specifically affect you.

Warmest Regards from the Team at Rittwatchman & Associates

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